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10 Mar 2005

FEMSA Stockholders approve dividend for 660 million pesos

 


Thursday, 03/10/2005, 12:00:00 am

 

 

Monterrey, Mexico, March 10, 2005 – Fomento Económico Mexicano, S.A. de C.V. ("FEMSA" or "the Company") (NYSE: FMX; BMV: FEMSAUBD), the leader in Latin Beverages, held its Annual General Ordinary Stockholders Meeting today, at which shareholders approved the annual report for 2004 presented by the Board of Directors, the consolidated financial statements for 2004, the declaration of the dividend corresponding to fiscal year 2004, and the composition of the Board of Directors for 2005.

 

 

The stockholders approved the payment of a dividend in the amount of 660 million pesos.

The dividend will be paid on May 10, 2005, upon submittal of Coupon Number 3, as follows: 0.111163 pesos for each Series B share and 0.138954 pesos for each Series D share. This corresponds to actual dividend payments of 0.666981 pesos for each BD Unit and 0.555817 pesos for each B Unit. Therefore, each ADR will receive a dividend payment of 6.67 pesos.

In addition, stockholders approved 3,000 million pesos as the maximum amount that could potentially be used in stock repurchases, as per Mexican legislation.

José Antonio Fernández Carbajal, Chairman and CEO of FEMSA, commented, "Through constant focus and discipline in all of our operations, we have delivered 10 years of consistent profitable growth. Over this period of time, our total revenues and income from operations have grown in dollar terms at a compounded annual growth rate of 16.3% and 19.5%, respectively. These results underscore our ability to grow successfully in complex market environments."

Mr. Fernández added, "In 2004, our team successfully surpassed the goals we set. At Coca-Cola FEMSA, we improved the level of profitability in Venezuela and Brazil, achieved record levels of profitability in Argentina, increased consumption per capita in Central America, and sequentially improved growth in income from operations in Colombia and Mexico. At FEMSA Cerveza, we profitably increased our domestic market share and achieved solid results in exports to the US. The repurchase of 30% of FEMSA Cerveza's capital and the commercial alliance with Heineken USA and Coors Brewing Co. brings us the needed flexibility to continue growing our volumes profitably and further advance our revenue management strategies and the development of our portfolio of brands. Finally at FEMSA Comercio, Oxxo continues to be the fastest growing and largest convenience store chain in Latin America, achieving total revenue growth of over 24% during the year.

All of these achievements were possible thanks to the talent, creativity, discipline, and commitment of the more than 88 thousand employees across FEMSA."

The Board of Directors was appointed as follows:

BOARD OF DIRECTORS 2005
SERIES "B"
 MEMBERSSPECIFIC ALTERNATE
HONORARY LIFE CHAIRMAN
CHAIRMAN
Eugenio Garza Lagüera
José Antonio Fernández Carbajal
Eva Garza Gonda de Fernández
José Calderón Rojas
Consuelo Garza de Garza
Max Michel Suberville
Alberto Bailleres
F. Javier Fernández Carbajal
Ricardo Guajardo Touché
Alfredo Livas Cantú
Roberto Servitje Sendra
Carlos Salguero
Mariana Garza Gonda de Treviño
José Manuel Canal Hernando
Paulina Garza Gonda de Marroquín
Federico Reyes García
Bárbara Garza Gonda
Francisco José Calderón Rojas
Alfonso Garza Garza
Max Michel González
Arturo Fernández Pérez
Javier Astaburuaga Sanjines
Ricardo González Sada
José González Ornelas
Juan Guichard Michel
Eduardo Padilla Silva
Carlos Salazar Lomelín
Othón Páez Garza
SERIES "D"
 Luis Téllez Kuenzler
Alexis E. Rovzar de la Torre
Helmut Paul
Lorenzo H. Zambrano Treviño
Robert E. Denham
Armando Garza Sada
Lorenzo Garza Hinojosa
Antonio Elosúa Muguerza
Francisco Garza Zambrano
Sergio Deschamps Ebergenyi
STATUTORY AUDITORS:
SECRETARIES:
Ernesto González Dávila
Alfredo Livas Cantú
Ernesto Cruz Velásquez de León
Carlos E. Aldrete Ancira

 

FEMSA is the leading beverage company in Latin America. It controls an integrated beverage platform that comprises the largest Coca-Cola bottler in the region, Coca-Cola FEMSA; the second largest brewer in Mexico and important beer exporter to the United States, FEMSA Cerveza; and Oxxo, the largest and fastest growing convenience store chain in Mexico with over 3,460 stores.

 

This report may contain certain forward-looking statements concerning FEMSA's future performance that should be considered as good faith estimates made by the Company. These forward-looking statements reflect management expectations and are based upon currently available data. Actual results are subject to future events anduncertainties, which could materially impact the Company's actual performance.

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